Second Quarter 2019Conference CallAugust 9, 2019

Creating Value for UnitholdersAcross Canada, Northview’s passion is

providing our customers with a place to

call home.

2

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This presentation may contain forward-looking information. All information included in this presentation, other than statements of historical fact, is forward-looking information. When used in this presentation, words such as “may”, “should”, “expect”, “will”, “anticipate”, “believe”, “intend”, “estimate”, “predict”,“project”, “potentially”, “starting”, “beginning”, “begun”, “moving”, “continue”, or other similar expressions identify forward-looking information. The forward-looking information included in this presentation relates to, among other things, current expectations of future results, performance, prospects andopportunities.

Forward-looking information is provided for the purpose of presenting information about current expectations and plans relating to the future and readers arecautioned that such statements may not be appropriate for other purposes. This information is not a guarantee of future performance and is based onNorthview’s estimates and assumptions. The forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events,results and performance to differ materially from the forward-looking information. A full description of these risk factors can be found in Northview’s annualinformation form and other publicly filed information which may be located at www.sedar.com.

The forward-looking information is provided only as of the date of such information, and Northview, except as required by applicable law, assumes noobligation to update or revise this information to reflect new information or the occurrence of future events or circumstances.

NON–GAAP AND OTHER FINANCIAL MEASURES

Certain measures contained in this presentation do not have any standardized meaning as prescribed by International Financial Reporting Standards(“IFRS”) and, therefore, are considered non-GAAP measures. These measures are provided to enhance the reader's overall understanding of financialconditions. They are included to provide investors and management with an alternative method for assessing operating results in a manner that is focusedon the performance of operations and to provide a more consistent basis for comparison between periods. These measures include widely acceptedmeasures of performance for Canadian real estate investment trusts; however, the measures are not defined by IFRS. In addition, these measures aresubject to the interpretation of definitions by the preparers of financial statements and may not be applied consistently between real estate entities. Pleaserefer to Northview’s most recent Management's Discussion & Analysis and Financial Statements for the disclosed financial information and definitions ofnon-GAAP and other financial measures, including FFO, AFFO, debt to gross book value, debt service coverage and interest coverage contained in thispresentation.

Forward‐Looking Information

Q2 2019 Highlights

3

Solid revenue growth

Strategic acquisition in Guelph, ON

Expansion of high-end renovation program

FFO Per Unit Down 5.5%

Same Door NOI Up 2.9%

Fina

ncia

l and

Ope

ratio

nal H

ighl

ight

s

Successful equity issuance

Multi‐Family Overview

4

88.0%

90.0%

92.0%

94.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Occu

panc

y (%

)

Multi-

Fami

ly SD

NOI

Gro

wth (

%)

Multi-FamilySame Door NOI and Occupancy

SD NOI Growth Occupancy Rate

5

Regional Overview – Ontario

Commercial Square Feet

Multi-Family Units9,650 22,000

Q2 2019 Q2 2018

NOI ($millions) – multi-family $20.0 $15.2

SDNOI (%) – multi-family 11.8% 5.8%

Occupancy (%) 96.4% 97.1%

AMR ($dollars per month) 1,118 1,050

Note: Regions with a portfolio of greater than 500 units are illustrated with larger dots.

Oshawa, ON

Hamilton, ON

Toronto, ON

Sarnia, ON

Guelph, ON

Kitchener–Waterloo, ON

London, ON

St. Catharines–Niagara, ON

Peterborough, ON

Brockville, ON

Lindsay, ON

Cambridge, ON

Brantford, ON

Ottawa, ON

Kanata, ON

Bowmanville, ON

Ajax, ON

Southwestern ON: 5,724Eastern ON: 1,773Toronto and Area: 2,153

6

Regional Overview – Western Canada

Commercial Square Feet

Multi-Family Units7,585 145,000

Note: Regions with a portfolio of greater than 200 units in BC or 500 units in AB and SK or recent developments are listed. Regions with a portfolio of greater than 500 units are illustrated with larger dots.

Fort McMurray, AB

Bonnyville, AB

Lloydminster, AB

Regina, SK

Calgary, ABLethbridge, AB

Fort Nelson, BC

Fort St. John, BC

Abbotsford, BC

Nanaimo, BC

Prince George, BC

Dawson Creek, BCGrande Prairie, AB

Airdrie, ABBC: 2,639AB: 4,623SK: 323

Canmore, AB

Jasper, AB

Q2 2019 Q2 2018

NOI ($millions) – multi-family $13.2 $12.8

SDNOI (%) – multi-family 0.7% 2.4%

Occupancy (%) 86.6% 85.9%

AMR ($dollars per month) 1,057 1,005

7

Regional Overview – Atlantic Canada

Commercial Square Feet

Multi-Family Units4,647 246,000

Note: Regions with a portfolio of greater than 500 units are illustrated with larger dots.

Moncton, NB

Dieppe, NB

Shediac, NB

Halifax, NSDartmouth, NS

Labrador City, NL Gander, NL

St. John’s, NL

NB: 1,450NS: 1,469NL: 1,728

Q2 2019 Q2 2018

NOI ($millions) – multi-family $5.8 $5.2

SDNOI (%) – multi-family 6.0% 0.2%

Occupancy (%) 95.6% 94.5%

AMR ($dollars per month) 806 787

8

Regional Overview – Northern Canada

Commercial Square Feet

Multi-Family Units2,455 742,000

Note: Regions with a portfolio of greater than 100 units in NT and NU or recent developments are listed. Regions with a portfolio of greater than 500 units are illustrated with larger dots. Approximately 150 units located in smaller communities across Nunavut are not shown.

Yellowknife, NT

Inuvik, NT

Cambridge Bay, NU

Iqaluit, NU

NT: 1,309NU: 1,146

Q2 2019 Q2 2018

NOI ($millions) – multi-family $10.0 $10.7

SDNOI (%) – multi-family (7.8%) 4.2%

Occupancy (%) 96.9% 97.1%

AMR ($dollars per month) 2,157 2,111

9

Regional Overview – Québec

Commercial Square Feet

Multi-Family Units2,485 4,000

Montreal, QC

Sept–Iles, QC

QC: 2,485

Note: Regions with a portfolio of greater than 500 units are illustrated with larger dots.

Q2 2019 Q2 2018

NOI ($millions) – multi-family $3.1 $3.0

SDNOI (%) – multi-family 5.1% 7.5%

Occupancy (%) 91.9% 95.1%

AMR ($dollars per month) 778 753

High‐End Renovation Program

10

0

200

400

600

800

2016 2017 2018 2019F

HER Suites Completed

Rate of ReturnAchieved 25.4%

Program Expansion60 Properties8,000 units

(increased by 1,000 unitssince Q1 2019)

Q2 2019 YTDCompleted 301 units

Remaining Units5,800 units

Multi-family, 89%

Commercial and Execusuites,

11%

NOI by Business Segment

11

Commercial and Execusuites Overview

Note: Regions with a portfolio of greater than 100 units of execusuites or 200,000 of commercial square feet are illustrated with larger dots.

Execusuites: 344Commercial: 1,159,000 square feet

Iqaluit, NU

St. John’s, NL

Yellowknife, NT

Inuvik, NT

Calgary, AB

Medicine Hat, AB

Fort St. John, BC

Montreal, QC

Q2 2019 Q2 2018

Same door NOI (%)

Multi-family 3.3% 4.0%

Commercial and execusuites (0.1%) (1.5%)

Total 2.9% 3.3%

Fort Nelson, BC

London, ON

Moncton, NB

Okotoks, AB

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Financial Highlights

(in thousands of dollars, except per unit amounts) Q2 2019 Q2 2018 Change

Total revenue 97,567 88,904 9.7%

NOI 58,226 52,754 10.4%

NOI margin 59.7% 59.3% 40 bps

Same door NOI increase (decrease) 2.9% 3.3% (40 bps)

Cash flow from operating activities 14,952 33,664 (55.6%)

Distributions declared to Unitholders – diluted 27,286 24,101 13.2%

Distributions declared per Trust Unit $0.41 $0.41 -

Measurement excluding Non-recurring Items:

FFO – diluted 34,561 32,640 5.9%

FFO per unit – diluted $0.52 $0.55 (5.5%)

FFO payout ratio – diluted, trailing 12 month 80.1% 76.3% 380 bps

AFFO payout ratio – diluted, trailing 12 month 98.8% 93.7% 510 bps

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Debt to Gross Book Value

57.0%

56.4%

57.0%

55.1%

54.6%

53.8%

54.4%

53.1%

51.0%

52.0%

53.0%

54.0%

55.0%

56.0%

57.0%

58.0%

Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1'19 Q2'19

14

Mortgages Maturity

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Remainder of 2019 2020 2021 2022 2023 Thereafter

Inte

rest

Rat

e (%

)

Mortg

age M

aturiti

es

($ th

ousa

nds)

Principal on Maturity Principal Repayments Weighted Average Interest Rate

CALGARY158 Units

$30.0 Million

KITCHENER(Phase 1)233 Units

$73.0 Million

NANAIMO(Phase 1)140 Units

$35.0 Million

IQALUIT12,792 Sq. Ft.

$1.7 Million

GUELPH161 Units

$52.7 Million

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2019 Strategic External Growth Activity

Acquisitions

$64.7million

CompletedDevelopments

$30.0million

Developments Underway

$108.0million

Dispositions

$20.7million

SASKATOON240 Units.

$19.0 Million

AJAX3.4 Acres

$12.0 Million

NorthviewREIT.com

Across Canada, Northview’s passion is providing our customers with a place to call home.